Ownership Stake: 44%
Year Invested: FY 2016-2017
Digital Money Myanmar is a joint venture between FMI, Yoma Bank and Telenor that seeks to provide mobile financial services to the mass market. The venture combines Telenor’s distribution capabilities with the financial expertise of Yoma Bank. Through its ‘Wave Money’ brand, Digital Money Myanmar seeks to be the market leader in sending and receiving digital payments nationwide.
The service works by allowing anyone to send or receive money on their phone. If a customer needs physical cash, they can visit their nearest authorized Wave Shop, which include teashops, restaurants, and grocery stores. Existing stores that offer Telenor SIM cards and top up will be leveraged into Wave Shops, providing Wave Money with a distinct competitive advantage in the number and location of shops available to customers.
Digital Money Myanmar’s management team has a proven track record of successful mobile payment platform implementation in Asia and Africa.